Q. I have just been given a three month contract on a daily rate of £350. As it may develop into a permanent role I am considering whether it is worth setting myself up as a limited company or just using an umbrella company. I will be incurring quite high expenses, which are not being paid by the company using my services (this is around 150 miles of travel per day). Please can you advise?
A. Ultimately this is a personal decision to make based on your circumstances and intentions, therefore not something we can advise you on.
You may also wish to consider in your evaluation whether the contract would be inside or outside of IR35, which would impact you as a limited company contractor. Generally speaking, a limited company is seen as a more long-term solution.